Polar Seafood Greenland Retains Control After Stake Sale to SISA Pension
In a significant development for the Faroese fishing industry, Polar Seafood Greenland, an eminent family-owned company, has retained majority control following the sale of a minority stake to SISA Pension. This strategic move was confirmed in an interview with CEO Bent Friis-Salling, who leads the largest privately-owned enterprise in Greenland alongside his sister, Laila Friis-Salling, and business partner Miki Brøns.
On October 1, the share dynamic shifted slightly, with the trio now holding 95 percent of the company. Under the coordinated management of Friis-Salling and Brøns, Polar Seafood Greenland continues to thrive from its base in Nuuk, Greenland’s capital.
Navigating Ownership Change Amid Fisheries Act
When asked whether selling a portion of their ownership posed any difficulties, Friis-Salling responded with assurance: “No, it doesn’t hurt us. This is a natural evolution in light of the Fisheries Act. We anticipated such adjustments, and we are committed to respecting both the legislation and the future of our company.”
He emphasized their enduring focus: “We remain dedicated to running and developing Polar Seafood Greenland, now with a local partner like SISA.”
Insights into SISA and Polar Seafood
SISA Pension stands as Greenland’s largest pension fund, currently managing assets exceeding DKK 6.5 billion for over 44,000 members. The fund not only aims to secure the financial futures of its members but also invests in community-centered projects throughout Greenland.
Founded in 1984, Polar Seafood Greenland has become a behemoth in the fishing industry, boasting a fleet that includes eight factory trawlers and a workforce of approximately 600 employees. Last year, the company posted a remarkable profit of DKK 119 million, underscoring its financial robustness. The recent sale marks a pivotal moment in the company’s history.
Long-Term Vision Behind Stake Sale
With the minority stake sold to SISA, one may wonder about the motivations driving this decision. “Our focus is on reinforcing local ownership,” Friis-Salling explained. “SISA embodies the needs of a broad spectrum of Greenlandic citizens and presents a vote of confidence in our long-term viability.”
He further clarified that this decision aligns with the adjustments dictated by the Fisheries Act, which opens the doors to limited external ownership without undermining their core values.
Responding to Industry Changes
As discussions surfaced regarding potential impacts related to the new fisheries law, particularly concerning halibut quotas off West Greenland, Friis-Salling was careful to separate these issues. “While changes in the Fisheries Act affect quota distribution, our sale of shares to SISA is aimed at local ownership stability, not merely responding to one regulatory shift,” he noted.
Importance of Local Investment
“When SISA invests in Polar Seafood, it’s significant for both us and Greenlandic society,” Friis-Salling said, emphasizing that it marks the company’s inaugural step toward external co-ownership. “This partnership not only strengthens our local roots but also enables value creation that extends deeper into the community.”
While Polar Seafood is financially secure, Friis-Salling reiterated that the motivation for partnership stems from a desire for long-term stability rather than an immediate need for capital.
Future Collaborations and Regulatory Needs
Looking ahead, there’s a plan in place for SISA to acquire an additional five percent over the coming years, further entrenching local ownership in the face of evolving regulatory landscapes in the fishing industry.
Friis-Salling expressed openness to future collaborations with other local investors, emphasizing the intent to maintain solid, long-term partnerships that respect Polar Seafood’s core values.
Finally, addressing concerns about political stability in Greenland—crucial for attracting investments—Friis-Salling echoed the sentiments of SISA’s leadership: “Stability in the political environment is essential, particularly for major investments in the fishing sector.”
As Polar Seafood Greenland transitions into this new chapter, it stands poised not only to navigate the challenges of the fishing industry but also to foster a stronger, more resilient local economy.